Mr. Speaker, the application by Cedar Tree to acquire Retirement Concepts was approved, as the acquisition will result in a net benefit to Canada. Cedar Tree has agreed to maintain at least the current levels of full-time and part-time employees; have the current Canadian operator, Retirement Concepts, continue to manage the business; not close or repurpose any of the existing residences; and financially support the expansion of the business. These guarantees will remain in place for a significant period of time.
There was a net benefit to Canada here. That is the criterion under the act. That is why we approved it.